Roxas Holdings Swings to Profit
Makati—(PHStocks)—Roxas Holdings Inc. (PSE: ROX) today announced its unaudited financial and operating results for the first half of crop year 2015-2016 with consolidated net income at PhP66 million, following good performance during 2Q2016 at Php191 million net income from PhP125 million net loss for 1Q2016 and PhP129 million net income for 2Q2015.
Consolidated revenues for the period were up by 114% at PhP7.4 billion due to higher sales volume and prices of sugar and alcohol. Included in the 1H2016 consolidated revenues were PhP1.1 billion gross revenues of newly acquired subsidiary, San Carlos Bioethanol Inc. (SCBI).
SCBI marks this month its first year under the management of RHI. SCBI produced 19 million liters of ethanol during the period. In a statement, Chairman Pedro Roxas said, “We expect that the near completion of the upgrading of equipment at our ethanol plants will result to higher levels of ethanol production in the coming quarters.”
Combined tons cane milled (TCM) for Batangas and Negros plant went up to 2.4 million tons, an 8% improvement from same period last year. RHI PCEO Hubert D. Tubio said, “Our sugar business in Batangas and Negros Occidental are faring better than in previous quarters. Despite the impact of El Niño and the challenge in sourcing sugar canes, our sugar operations have recorded better results. Central Azucarera Don Pedro Inc. (CADPI) in Batangas recorded 0.957 millions TCM for 1H2016 from 0.853 million TCM for the same period last year. The TCM of Central Azucarera de la Carlota Inc. (CACI) in Negros Occidental reached 1.487 million TCM for the period, 2.98% higher than the 1.444 million TCM for the same period last year. CACI was able to maintain its TCM amid the El Niño crisis while other mills experience significant drop in the TCMs.”
EBITDA for the period was at PhP714 million, 4% higher compared to same period last year. EBITDA continued to be affected by higher cost of canes and molasses.
Chief Finance Officer/EVP-Finance Celso T. Dimarucut said, “The Group allocated capital expenditures budget of about PhP1.4 billion this crop year for the improvements of all our four plants. Our guidance is to achieve a Consolidated Core Net Income of about PhP200 million for the current crop year, compared with PhP177 million last crop year.”